With increase in demand of enhanced fuel economy and rising fuel prices in vehicle are anticipated to drive vehicle electrification Industry growth globally. Stringent government policies on harmful emissions from Carbon dioxide and rise in pollution are driving the electrification industry from past few years. This market is likely to experience high growth due to rising requirement for electric systems in tax exemptions, vehicles and subsidies by the government with increase in diesel and petrol prices. Major Products in Electric Vehicles Market are Electric power steering, electric water pump, thermoelectric generator, electric oil pump, electric vacuum pump, electric mobile phone charger and liquid heater PTC.
Key players for Electric Vehicles market are JTEKT Corporation, Visteon Corporation, NSK ltd, Denso Corporation, Friedrichshafen AG, BorgWarner Inc and Nexteer Automotive Group Ltd
Largest Electric Power steering is expected to contribute for the major market share due to potential of ensuring the safe and secure driving in vehicles from hydraulic power steering. This segment is further estimated to provide low energy consumption, better handling and reduced weight in vehicles which ultimately gives a strong place to market of Electric Power Systems. North America is likely to witness major market share due to its growth in vehicle market, rigorous norms for emissions, and government subsidize provided for electric vehicles. Classification of Electric Vehicle Industry can be done on degree of hybridization into Internal Combustion Engine & micro hybrid vehicle, Battery electric vehicle, Fuel cell electric vehicle, plug in hybrid electric vehicle and hybrid Electric vehicle. Asia Pacific is expected to hold the significant growth with rising expansion of automotive industry in the area. Increasing number of vehicles manufactured companies owing to its cheap cost production facilities may propel industry growth in upcoming years. Hybrid Electric vehicle is likely to experience significant growth owing to its capability in combining two dissimilar power sources like petrol/diesel and electric power.